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EFN Asia is a growing network of research institutes, practitioners, influential think-tanks and individuals, with the aim of promoting the benefits of civil society, market economy and individual liberty.

WHAT'S NEW

The 300 baht minimum wage What has happened, what needs to happen

Friday, 13 March 2015 16:14

The past ten years have not been a stellar time for economic policy making in Thailand. The country has seen 6 different governments over the past 10 years. But regardless of who was in power, the overwhelming majority of the policies enacted have been essentially populist in nature. Thailand Future Foundation, leading by Dr Sethaput Suthiwart-Narueput, revealed what has happened after two years of the use of the 300 baht minimum wage policy. The paper is also giving light of what needs to happen for Thailand to move forward.

Greece and the rest of the European Union countries face an unprecedented showdown these days. The outcome might well affect the world economy to some extent and will thus impact on Asia in one way or the other due to the continuing importance of the European Union for world trade and the financial markets. It also holds lessons for policymakers worldwide, namely that decisions that disregard fundamental economic principles tend to produce unpleasant consequences sooner or later.

Creating the Euro was an audacious undertaking that was mainly motivated by politics: It was meant to bind Europe closer together after German unification. It was also seen as a way to lower transaction costs in Europe and thus complement the fully integrated Common Market. However, economic theory tells us that a currency union works best if the member economies are similar and in sync with each other. This did not really apply to all Eurozone members and it definitely did not apply to Greece. The construction of the Euro therefore included fairly stringent rules, the Maastricht criteria, on the size of public deficits, debt ceilings and individual liabilities for national debt. This was meant to ensure a certain economic synchronicity and robustness. A joint liability for debt was excluded because member countries would then have to pay for fiscal decisions of one member country without being able to influence the decision or discipline errant behavior. This point was crucial for Germany as it wanted to ensure that the new currency would be a strong and stable one – like the Deutsche Mark that it gave up.

International Society for Individual Liberty World Conference on Market Liberalization in Bali

Tuesday, 17 February 2015 17:00

International Society for Individual Liberty World Conference on Market Liberalization in Bali

June 29-July 3, 2015

You have a unique opportunity to join friends of liberty in one of the most exotic places on Earth — the tropical paradise of Bali. A friend is offering the use of his lavish estate — which looks like a movie location — for our meetings of the 2015 World Conference on Market Liberalization in Bali! Luminaries like Milton Friedman have stayed there. The estate is steps from a range of hotels and B&Bs, and restaurants serving sumptuous but inexpensive cuisine. There will be opportunities within the conference to enjoy the incredible beauty of the nearby beaches, nature preserves, and ancient temples. And there is lively nightlife. We have economists and followers of Austrian Economics and libertarians all over the world coming together at this conference. Here you can make new friends and share your ideas, not to mention the great food and environment. You can enjoy even more of exotic Bali by arriving early or staying over. You won’t want to miss out on this absolutely life-changing event.